LONDON — Fenn Wright Manson, the mid-market British women’s wear label, on Tuesday entered into administration, the U.K. equivalent of Chapter 11.
Zolfo Cooper, a corporate advisory and restructuring firm, has been appointed as the administrator.
Zolfo Cooper stated it would continue to run the company “while exploring all possible options for its future, including a sale of all or parts of the business.”
Fenn Wright Manson had been experiencing cash-flow problems due to the “challenging fashion retail environment,” Zolfo Cooper stated.
The brand was founded in 1974 and operates 17 freestanding stores and 62 concessions in the U.K. and Ireland. It employs a total of 348 staff across its stores and head office.
Peter Holder, partner at Zolfo Cooper stated, “Unfortunately, as with many other fashion retailers exposed to declining consumer spend, the deterioration in trading conditions in recent months has led to increased pressures on the business.
“We are already in discussions with a number of interested parties and intend to continue to trade the business in order to ensure that we identify the best possible outcomes regarding the preservation of jobs, the value of the business and returns to creditors,” he continued.